NOIDA, INDIA & JOHNS CREEK, GA – March 9, 2021 – Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries today announced that its EbixCash Indian subsidiary has signed an engagement letter with SBI Capital Markets to be one of the Four Lead Managers for its proposed IPO. SBI Capital Markets is a wholly owned investment banking subsidiary of State Bank of India.
A Fortune 500 Company, State Bank of India (SBI) is a multinational, public sector financial institution, that today is India’s largest bank with assets of approximately $590 billion and revenues of approximately $52 billion. SBI has a retail network of more than 22,000 branches and approximately 250,000 employees. SBI is also seen as having the largest presence in foreign markets amongst Indian banks. With subsidiaries that include India’s largest asset management company - SBI Mutual Fund, India’s largest pension fund manager – SBI Pension Funds, India’s 2nd largest life insurance private company – SBLI Life, India’s leading General insurance company – SBI General, and India’s leading payment cards company - SBI Cards; the SBI group has emerged as India’s leading financial institution with an unparalleled reach.
SBI Capital Markets (SBICAP) is one of India’s leading investment managers, having been involved in more than 650 IPOs and more than 1,350 equity raises. Besides a joint venture partnership with UK based Investec, SBICAP today has a dedicated sales team in various world geographies to power its Lead Manager efforts, in any IPO. SBICAP will be the fourth Lead Manager for the EbixCash IPO, besides ICICI Securities, Axis Capital & Edelweiss Financial Services who were appointed Book Running Lead Managers for the IPO earlier. ICICI Securities also serves as the Left Banker for the IPO.
SBICAP, ICICI, Axis and Edelweiss are considered amongst the top investment bankers in India in terms of reach, number of issues handled, money raised and overall performance. Each of them appears in most of the top 5 rankings of investment banks in India. All of these firms plan to initiate equity research coverage of EbixCash after the IPO.
EbixCash today is one of India’s top on-demand financial and insurance exchanges, with a "Phygital” strategy that combines 320,000 physical distribution outlets in many Southeast Asian Nations (“ASEAN”) countries, to an Omni-channel online digital platform. The Company’s EbixCash Financial exchange portfolio encompasses leadership in areas of domestic & international money remittance, foreign exchange (Forex), travel, pre-paid & gift cards, utility payments, lending, wealth management etc. in India and other markets.
With a "Phygital” strategy that combines 320,000 physical distribution outlets in many Southeast Asian Nations (“ASEAN”) countries, to an Omni-channel online digital platform, the Company’s EbixCash Financial exchange portfolio encompasses leadership in areas of domestic & international money remittance, foreign exchange (Forex), travel, pre-paid & gift cards, utility payments, lending, wealth management etc. in India and other markets. EbixCash’s Forex operations have emerged as a leader in India’s airport Foreign Exchange business with operations in 32 international airports including Delhi, Mumbai, Bangalore, Hyderabad, Chennai and Kolkata, conducting over $4.8 billion in gross transaction value per year. EbixCash’s inward remittance business in India conducts approx. $6.5 billion gross annual remittance business, confirming its undisputed leadership position in India. EbixCash, through its travel portfolio of Via and Mercury, is also one of Southeast Asia’s leading travel exchanges with over 2,200+ employees, 212,450+ agent network, 25 branches and over 9,800 corporate clients; processing an estimated $2.5 billion in gross merchandise value per year. EbixCash’s Financial Technology solutions are today deployed across prestigious financial institutions and Banks in 44 countries. For more information, visit the Company’s website at www.ebixcash.com
With 50+ offices across 6 continents, Ebix, Inc., (NASDAQ: EBIX) endeavors to provide On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries. In the Insurance sector, Ebix’s main focus is to develop and deploy a wide variety of insurance and reinsurance exchanges on an on-demand basis, while also, providing Software-as-a-Service ("SaaS") enterprise solutions in the area of CRM, front-end & back-end systems, outsourced administration and risk compliance services, around the world. For more information, visit the Company’s website at www.ebix.com